Laurus Labs forays into biotech, acquires majority stake in Richcore Lifesciences

▴ Laurus Labs forays into biotech, acquires majority stake in Richcore Lifesciences
Laurus Labs to acquire 72.55 per cent of Richcore’s shares for a value of Rs 246.7 crores

Laurus Labs has signed a definitive agreement to acquire a majority stake in Richcore Lifesciences. Richcore develops and manufactures biotech products critical for manufacturing biological drugs. Richcore also helps its customers to develop and scale-up their bioprocesses by providing contract research, development, and manufacturing services.

“This acquisition marks Laurus Labs’ entry into the broader biologics and biotech segments, providing the company access to its high growth areas, globally and in India. Laurus Labs will help and drive Richcore to achieve scale and improve product offerings. With this acquisition, Laurus adds a fourth revenue stream to its three existing divisions – API, Formulations and Synthesis. Following the successful closure of the transaction, Richcore will be renamed to Laurus Bio Pvt Ltd,” informed a company release.

The statement from the company also informed, “Richcore has large scale fermentation capabilities and manufactures animal origin free (AOF) recombinant products. These products help vaccine, insulin, stem-cell-based regenerative medicine and other biopharma companies eliminate dependency on animal and human blood-derived products and in turn produce safer medicines. Richcore is currently in its growth phase and its second manufacturing plant near Bengaluru is expected to be completed by March 31, 2021. Richcore has raised early and growth-stage funding from Eight Roads Ventures, VenturEast Proactive Fund and VenturEast Life Fund III.”

Laurus Labs has signed a definitive agreement to acquire 72.55 per cent of Richcore’s shares from Eight Roads Ventures and VenturEast for a value of Rs 246.7 crores. The current promoters of Richcore led by Subramani Ramachandrappa will continue as promoters of Richcore and will be responsible for its management and operations. Laurus Labs will fund the acquisition from its internal accruals and this acquisition will be revenue and PAT accretive.

Commenting on the development, CEO of Laurus Labs Dr Satyanarayana Chava said, “We are very excited on this acquisition, as this gives us entry into high barrier biotechnology segment. Laurus Labs will bring scale to Richcore’s operations and can become a major player in the biotech CDMO space. This will also help Laurus in becoming a leader in biocatalysis as Richcore brings significant expertise in enzyme development for pharma and other industrial applications”

Subramani Ramchandrappa, Chairman & MD, Richcore Lifesciences said, “Richcore and Laurus Labs coming together marks the convergence of Biotechnology and Chemistry faculties. Leveraging the synergies arising from Laurus’s experience and Richcore’s innovation, we plan to build scale as we continue to serve our existing customers and enter new biotech segments. We welcome Laurus Labs on board and thank our customers and team members for their continued patronage and trust in our shared vision. We also thank our existing investors Eight Roads Ventures and VenturEast for their support since our inception.”

Tags : #LatestPharmaNewsNov26 #LatestLauruslabNewsNov26 #RichcoreLifesciences #majoritystake

Related Stories

Loading Please wait...

-Advertisements-




Trending Now

Sexual wellness superstore, Love Depot launches digital campaign to deliver every desireMarch 28, 2024
Recharge Your Life: Simple Ways to Boost Your Physical and Mental EnergyMarch 28, 2024
The Neurological Toll of Common Household Chemicals: Insights from Recent ResearchMarch 28, 2024
The Aging Puzzle: Decoding the Mechanisms of AgingMarch 28, 2024
The Double-Edged Sword of Kala-azar Treatment: Shedding Light on Eye ComplicationsMarch 28, 2024
FTCCI Launches Industry-Academia Connect to improve the employability of Engineering Graduates and address the growing demand for Talent in Emerging TechMarch 27, 2024
NTT and Olympus Begin World's First Joint Demonstration Experiment of Cloud Endoscopy SystemMarch 27, 2024
NTT and Olympus Begin World's First Joint Demonstration Experiment of Cloud Endoscopy SystemMarch 27, 2024
2nd Edition of IIFL JITO Ahimsa Run for peace & for non-violence to be held on 31st MarchMarch 27, 2024
Brij Hotels Announced 4 Million in Series A Funding March 27, 2024
Combatting Childhood Sedentariness: The Key to Preventing Premature Vascular DamageMarch 27, 2024
Crucial Findings: Unlocking Paths to Combat Ebola's DevastationMarch 27, 2024
Guarding Against Disease: The Crucial Role of Oral Hygiene in Preventive HealthcareMarch 27, 2024
Sanofi & Cipla announce exclusive distribution partnership to expand reach of CNS portfolio in IndiaMarch 26, 2024
Surmandal's Tribute to the Legends of Hindustani Classical MusicMarch 26, 2024
In Moscow, over 350,000 mammograms have been analyzed using artificial intelligence as part of the compulsory health insurance programMarch 26, 2024
Embark on a Creative Journey: "Kala For A Cause" Unveils Pottery Workshop Series March 26, 2024
Healthtech pioneer Aurora Innovation appoints new CEO – expands in Europe with service that streamlines patient-healthcare interactionMarch 26, 2024
In A Rare Feat, 45 YO Woman Walks Within 6 Hrs. Of Dual Robotic Surgery In A Single Operation At HCGMCCMarch 26, 2024
Improve Cancer Care through Automated CT Analysis: Oncoshield – CTMarch 26, 2024